Growing digitalization and opening of the market to International Money Transfer Operators (MTO) will drive the growth of Saudi Arabia Remittance Industry at a CAGR of 2.8% during 2020-25: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The Saudi Arabia Remittance market is anticipated to grow at a CAGR of 2.8% during the forecast period FY’20-FY’25. Growth of digital payments solutions, along with rising fintech ecosystem are further expected to give a boost to numerous entities that facilitate online payments in the country. Opening of the market to allow foreign MTOs will encourage entry of new players in the oligopolistic remittance market Saudi Arabia is one of the most economically prosperous country in Asia and hence is a prominent emigration destination to a many South Asian countries. Of the current population of 33 Million, more than 37% of population comprises of expats with India, Pakistan, Nepal, Philippines, Bangladesh, Sri Lanka and Egypt being key source countries. This results in a high contribution of outbound remittance in the industry as the expats send money to their home country periodically. Saudi Arabia International Remittance Market Future Outlook Due to increased focus on hiring Saudi nationals at higher level posts, more and more people are looking to move from Saudi Arabia. This led to a decline in the remittance industry size by value. However post-COVID the scenario has reversed due to higher propensity to save. Until 2019, the foreign MTOs were not allowed to set up business independently. But based on G20 National Remittance Plan, Saudi Arabia has opened the markets for foreign MTOs which will boost the industry growth. How is the competitive landscape in International Remittance Industry of Saudi Arabia? The Saudi Arabian Remittance market is dominated by major 7-8 which are providing remittance services from a very long back. A very high amount of capital would be required to make any position in the oligopoly remittance market of Saudi Arabia. More than 95% of the remittance market is hold by 8 firms and the competition has been growing largely since the increase in penetration of digital channels. Entry of STC pay has gained a substantial market share since it begin their operations and all other banks are now focusing on strengthening their digital channels. Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NDg0NzMz In Saudi Arabia, foreign MTOs were not allowed to open their branches and providing remittance services independently in the Kingdom. Since 2019, the plan have been introduced but there are many rules and regulations which are to be followed for the foreign money exchanges. The paid up capital has not been standardized for the foreign players and it is to the discretion of Saudi Central Bank SAMA. This means that the entry barriers are high for the remittance industry in the Kingdom. What is the future takeaway for industry players? Given the backdrop of increase in volume and value of outbound international remittance transactions, analysts at Ken Research expect a growth of 4.5% during 2020-21 and CAGR of 2.8% during 2020-25F. During this period, value of transactions is expected to peak in 2025 which will be driven by the opening of the market for foreign MTOs and growing adoption of digital solutions. Analysts at Ken Research further expect that digitalization of services and corresponding marketing campaigns are expected to drive the revenue of remittance industry at a CAGR of 3.1% during 2020-25F Key Topics Covered in the Report Market share of Exchange Houses Saudi Arabia Overview of International Remittance Industry in Saudi Arabia (Statistics on Corridor wise Transaction volume and value) Industry segmentation (By Type of Transfers, Corridor wise) Cross Comparison of Major players on Operational and Financial Parameters (December 2020) Company Profile of Major Players (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments) Growth Drivers and Challenges to Saudi Arabia International Remittance Industry Industry trends and developments Risk factors in the industry Rules and Regulations by Government Bodies Impact of COVID-19 and Future Outlook of Industry Related Reports: Indonesia Domestic and International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Income Level Group and By Inflow and Outflow Remittance Corridor Singapore International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors Follow Us LinkedIn | Instagram | Facebook | Twitter | YouTube Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Tags: Average remittance Transaction Size, Average remittance Transaction Size in Saudi Arabia, Best Exchange Rates for Transfer, Best Exchange Rates for Transfer in KSA, Business Positioning Strategy Remittance, Cash Pickup Remittance Saudi Arabia, Challenges in Remittance Industry in KSA, Challenges in Remittance Industry in Saudi Arabia, Commission rate Banking Partners Saudi Arabia, COVID Impact on Remittance Industry Saudi Arabia, Covid-19 Impact on International Remittance Market KSA, Demographic Outlook of Saudi Arabia, Digital Solutions Saudi Arabia Remittance, Direct Account Transfer Remittance Saudi Arabia, Direct Account Transfer Remittance Saudi Arabia in KSA, Enjaz Remittance Fees in KSA, Ersal Money Transfer Remittance Fees in KSA, Expat Population Remittance Transfers, EZ Transfer Remittance Fees in KSA, Fawri Money Remittance Fees in KSA, Funding Issues in Remittance Industry in KSA, Future of Money Tranfer in KSA, Future Outlook Remittance Saudi Arabia, Growth Drivers in Remittance Industry in KSA, Impact of COVID-19 on Remittance Saudi Arabia, Inbound Remittance Industry in Saudi Arabia, International Remittance Industry in Saudi Arabia, International Remittance Market in Saudi Arabia, International Remittance Market Size in Saudi Arabia, KSA Enjaz International Transfer fees, KSA Ersal Money Transfer Rate in KSA, KSA EZ Transfer Remittance Fees, KSA Fawri Money Remittance Fees, Licensing Fees and Guidelines, Margins in Remittance Industry, Market share of Banks in Remittance, Market share of Banks in Remittance KSA, Market share of Exchange Houses, Market share of Exchange Houses KSA, Market share of recipient country, Middle East Remittance Market, Migrant Population in Saudi Arabia, Migrant Population Saudi Arabia, Outbound Remittance Industry in Saudi Arabia, Quick Pay Remittance Fees in KSA, Quick Pay Remittance Fees in Saudi Arabia, Remittance Industry in Saudi Arabia, Remittance Licensing Fees in KSA, Research Report Of International Remittance, Saudi Arabia International Remittance Industry, Saudi Arabia International Remittance Industry Research Report, Saudi Arabia International Remittance Market, Saudi Arabia International Remittance Market Growth Rate, Saudi Arabia International Remittance Market Research Report, Saudi Arabia International Remittance Market Revenue, Saudi Arabia International Remittance Market Share, Saudi Arabia International Remittance Market Size, Saudi Arabia Margins in Remittance Industry, Saudi Arabia Remittance Digital Solutions Providers, Saudi Arabia Remittance Industry, Saudi Arabia Remittance Market, Statistics of Remittance in Saudi Arabia, Tahweel Al Rajhi Remittance Fees in KSA, Tahweel Al Rajhi Remittance Fees KSA, Telemoney Remittance Fees in KSA, Telemoney Remittance Fees in Saudi Arabia, Trends in Remittance Industry in KSA, Weekly Funding Limit Remittance Industry in KSA, Weekly Funding Limit Remittance Industry in Saudi Arabia, world bank International Remittance report on KSA